China, Singapore extend currency swap deal

BEIJING — The People’s Bank of China (PBOC), the central bank, said on May 13 that it had extended a currency swap arrangement with its Singaporean counterpart, the Monetary Authority of Singapore.

The move aims at promoting bilateral trade and investment to boost the economic development of both countries, as well as providing short-term liquidity to ensure financial market stability, the PBOC said.

Under the arrangement, up to 300 billion yuan ($44.1 billion) in Chinese currency liquidity will be available to eligible financial institutions operating in Singapore.

The renewal will be valid for a period of three years and can be extended by mutual consent.

The two countries first agreed a 150-billion-yuan currency swap deal in July 2010.